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CVS Health has about 3.5 million people in that business through its Aetna arm. Health insurers started warning last year about higher-than-expected costs in their Medicare Advantage plans.
CVS Health steered through rising costs in its insurance division to handily beat profit expectations on Wall Street. The drugstore chain and pharmacy benefits manager earned $1.64 billion, or $1.30 per share for the period ended Dec. 31. A year earlier the company earned $2.05 billion, or $1.58 per share.
Wisconsin small business employees also absorbed higher health costs up front, paying nearly $1,400 more a year on their health insurance deductibles in 2023 than their big business counterparts.
(Reuters) -CVS Health said on Wednesday that high demand for medical care among older adults hit second-quarter results, a trend that continued into July, causing it to slash its 2024 earnings ...
(Reuters) -CVS Health Corp tempered its forecast for 2024 earnings on Wednesday to account for potentially higher medical costs at its insurance unit as older adults increasingly avail healthcare ...
CVS Health Corporation is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands.
The new forecast of at least $8.30 per share, from at least $8.50 per share it had forecast in December, factors in the potential for medical costs being elevated in 2024, CVS said.
(Reuters) -CVS Health said on Tuesday it would lay off about 2,900 employees, representing less than 1% of its workforce, as the healthcare conglomerate aims to cut costs.
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